Dealership chain Motorpoint shrugs off car sales gloom

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Car dealership chain Motorpoint has shrugged off recent sales gloom in the automotive industry to post an 18pc jump in revenue.

The firm, which floated on the London stock exchange in May 2016, issued an upbeat trading statement as customers bought more of its “nearly new” used vehicles across its network of 12 sites in the UK.

The optimism contrasted with the bleak picture that emerged for new car sales in Britain yesterday, with industry data pointing to a sixth consecutive decline in monthly sales in September.

Just over 426,000 new cars were registered last month, down 9.3pc on their level the previous year, according to the Society of Motor Manufacturers and Traders (SMMT) data.

Motorpoint, which describes itself as the UK's largest independent vehicle retailer, began trading in 1998 and its sites are concentrated in the Midlands and North of England, although it has one location each in Scotland, Wales and London.